EURUSD Daily Forecast: September 29

By IBT Staff Reporter On 09/29/11 AT 1:01 AM

EURUSD Forecast

The EURUSD attempted to push higher yesterday, slipped above 1.3650 and the falling wedge, topped at 1.3689 but whipsawed to the downside, closed at 1.3522. Price bounced higher earlier today in Asian session hit 1.3612. The bias is neutral in nearest term. Price has been moving sideways since Tuesday between 1.3650 – 1.3480. My major bearish technical outlook remains intact since the fall from 1.4939 and strong bearish momentum from 1.4530 but any consistent movement above the wedge and daily close above 1.3650 could signal further bullish pullback testing 1.3800 – 1.3900 area. On the downside, a clear break below 1.3480 could trigger further bearish pressure testing 1.3400.